The Eurozone single currency appreciated against the Japanese Yen on Wednesday. The exchange rate breached January swing high of 125.31 at the end of yesterday’s trading session.
However, today’s session began with bearish sentiment, and by the middle of the day, the currency pair has breached both the lower boundary of an ascending channel and the 50– and 100-hour SMAs.
The decline of the pair is likely to continue within this session. The downside target for bearish traders will be near a support cluster at 124.74.
Although, technical indicators suggest otherwise. It flashes bullish signals on the 4H time frame.